Press release
electric tankless water heater market size is projected to surpass USD 1,414 Million by 2023
Globally, electric tankless water heater market size is projected to surpass USD 1,414 Million by 2023. The demand from residential sector is slated to dominate the market and is anticipated to have a share of more than 65% by 2023. The demand for indoor electric tankless water heaters is estimated to remain highest from the residential sector
By set-up location type segment, the indoor electric tankless water heater segment is expected to attain a CAGR of 5.70% between 2016 and 2020. The market of this segment is expected to reach USD 1,095 Million by the end of 2023 with a major market share of 77.4% by 2023
Factors Impelling the Market Growth
The rising disposable income of the population across the globe on the back of positive GDP figures in growing nations are increasing the demand for energy efficient and advanced home appliances further fostering the growth of global electric tankless water heater market across the globe
Robust investment in real estate sector further enhancing the construction and housing sectors with advanced and luxury facilities. The rising luxury residential societies across the globe would likely to boost the demand for energy efficient and advanced home appliances such as electric tankless water heaters
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The companies are focusing towards the development of more energy efficient tankless water heaters. On the other hand, the companies are expanding their product portfolio’s for commercial and residential applications
Electric tankless water heater manufacturers are providing high end installation and maintenance services to their consumers. Moreover, companies are offering extended warranties and looking forward to provide free installation services to increase the consumer base. Maintenance services offered by manufacturers are gaining traction due to trust and consumer sentiments
Regional Scenario
North-America electric tankless water heater market is expected to expand at a highest CAGR of 9.93% during the forecast period i.e. 2016-2023. The introduction of advanced and new feature electric tankless water heater by various electric tankless water heater manufacturers is the major reason which is driving the demand for electric tankless water heater in North-America region
Asia-Pacific market is expected to showcase a tremendous growth over the forecast period i.e. 2016-2023 by registering a CAGR of 6.69% over the forecast period. Further, the market is expected to account USD 462.3 Million by 2023 from USD 276.3 Million in 2015
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In Asia-Pacific region, China and Japan are the two major countries which are creating a huge demand for the electric tankless water heaters. Factors such as rising adoption of advanced functionality appliances, presence of large number of electric appliance manufacturers and others are boosting the demand for electric tankless water heater
Australia Electric tankless water heater market is expected to reach USD 27.1 Million by the end of 2023 from USD 14.6 Million in 2015
The rising demand for electric tankless water heaters on the back of urbanization and rising personal disposable income of the population further boost the growth of electric tankless water heater market
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